Section 10: Assessment of usufruct

10. Assessment of usufruct (1) Where on the sale of any property the usufruct is reserved to the vendor— (a) the value of the usufruct shall be assessed at half the consideration for the bare ownership; (b) proportional duty shall be paid on the aggregate of the value of the bare ownership and the assessed value of the usufruct; (c) subject to subsection (2), no duty shall be leviable at the time the usufruct accrues to the owner in bare ownership. (2) Where a person who has acquired the bare ownership of any property and has paid duty under subsection (1) (b) acquires the usufruct of the property otherwise than by the death of the usufructuary, the duty leviable shall be— R15 – 8 (1) [Issue 6] Registration Duty Act (a) where the consideration exceeds the value of the usufruct as assessed under subsection (1) (a), additional proportional duty on the excess; (b) in any other case, fixed duty. (3) Where, on the transfer of any property otherwise than for consideration, the usufruct is reserved to the transferor, the value of the usufruct shall be assessed at half the value of the property.